Undoubtedly, high living costs and static salaries have contributed to the increase in such loans.

Many are having difficulty paying their children’s tuition fees and home rent after meeting day-to-day necessities. This is especially true of limited-income families.

Despite the increased costs of living, one has to be wary of loans. It is wise to borrow to buy a home, a piece of land or a vehicle. These are necessities, but taking out loans to travel abroad for a vacation and to purchase a fancy watch, a luxury car or a set of gold bracelets is something ill-advised.

Getting a loan has never been so easy like today. You can apply for one from the comfort of your home using the Internet. Banks and financial institutions are everywhere and they are competing to lure customers.